Retirement Savings -- Countup

[Randomsaver]

It's nice to be in a community like this where we can root one another towards each's respective financial goals.

[james.hendrickson]

It's nice to be in a community like this where we can root one another towards each's respective financial goals.

Totally agree - major platforms like X can be quite negative.

[LivingAlmostLarge]

These may or may not work for you randomsaver but I have my eye on possibly tapping my 401k if I meet the requirements to do so without penalty. I am 48 now so still a few years away

Rule of 55 if you leave employer after 55. Penalty free but still owe taxes

or

72(t) - equally substantial payments prior to 59.5

I don’t see myself working much longer - not by choice

Jluke you can also split your 401k if you are going to the 72T so you only take a portion of it substantially. Just a thought. A lot of planning has to happen before people retire. You should have cash bucket built up last to buffer against the SORR.

I agree the planning early on makes it easier to retire sooner. But I speak from experience when you start out at 25 and think i'm going to retire at 45 or 50, it seems WILD and stupid and crazy and insane. Then as the years go on and you get to that points you're hmm...i never thought i'd get here and suddenly you wake up and you are. The compounding worked. Everything worked. But I didn't believe it.

Anyway it's been a ride for us and we're here as well. I'm curious to watch my portfolio for the next 5 or so years until DK2 is out of college. I had planned for us to be FIRE at 45, we're a couple of years late. Or maybe on time depending on how much we "needed". And now that we're there it's weird to be continuing to work.

[Randomsaver]

Enjoying the current stability.

Savings to Retire at 56 to be used for Age 56-61
Balance: $ 93K
End-Goal by 56: $120K (that means a living budget of $20K/year for age 56, 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $373K
IRA Retirement Savings: $ 79K
Total Retirement Savings: $452K (It's a long way back to the top but I wanna Rock N Roll)

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (withdrawal can only start in Jan of 2033 or 7+ years from now):
401 + SS : $ 3.19K
IRA : $ 0.31K
Tot : $ 3.50K
Goal: $ 4.00K
The mood is to get to 70:30.

[Randomsaver]

Enjoying the current stability.

Savings to Retire at 56 to be used for Age 56-61
Balance: $ 94K
Goal by 56: $120K (that means a living budget of $20K/year for age 56, 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $380K
IRA Retirement Savings: $ 80K
Total Retirement Savings: $460K (It's a long way back to the top but I wanna Rock N Roll)

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (withdrawal can only start in Jan of 2033 or 7+ years from now):
401 + SS : $ 3.21K
IRA : $ 0.32K
Tot : $ 3.53K
Goal: $ 4.00K
The mood is to get to 66:34.

[Randomsaver]

Enjoying the current stability.

Savings to Retire at 57 to be used for Age 57-61
Balance: $ 95K
Goal by 56: $120K (that means a living budget of $24K/year for age 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $383K
IRA Retirement Savings: $ 80K
Total Retirement Savings: $463K (It's a long way back to the top but I wanna Rock N Roll)

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (withdrawal can only start in Jan of 2033 or 7+ years from now):
401 + SS : $ 3.21K
IRA : $ 0.32K
Tot : $ 3.53K
Goal: $ 4.00K
The mood is to get to 63:37.

[LivingAlmostLarge]

I'm in since I finally have some of my own real retirement accoutns

Roth IRA $226515
Roth 401k $114101
401k $289468

Total = $630k

wow it's more than i thought

[Randomsaver]

Enjoying the current stability.

Savings to Retire at 57 to be used for Age 57-61
Balance: $ 97K
Goal by 56: $120K (that means a living budget of $24K/year for age 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $385K
IRA Retirement Savings: $ 81K
Total Retirement Savings: $466K (It's a long way back to the top but I wanna Rock N Roll)

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (withdrawal can only start in Jan of 2033 or 7+ years from now):
401 + SS : $ 3.22K
IRA : $ 0.32K
Tot : $ 3.54K
Goal: $ 4.00K
The mood is to get to 60:40.

[Randomsaver]

I'm in since I finally have some of my own real retirement accoutns

Roth IRA $226515
Roth 401k $114101
401k $289468

Total = $630k

wow it's more than i thought

Man I'll be retired when I hit $500K in my 401K. With your amount, I'd find it hard to spend it down. I'd probably have 3 girlfriends to help me.

[LivingAlmostLarge]

Man I'll be retired when I hit $500K in my 401K. With your amount, I'd find it hard to spend it down. I'd probably have 3 girlfriends to help me.

I have two kids i think that's the equivalent. And i'm not retiring abroad

[james.hendrickson]

SA Forums crew, posting an update on my retirement:

Here are the current balances:

TSP: $5,211.42
SEP IRA: $33,391.93
ROTH IRA: $26,678.68
Taxable Brokerage: $9,033.67

Total: $74,315.70

About 12k better than the last time I posted. No secrets in terms of what's working - just lots of steady contributions and buying good quality stocks/ETFs/mutual funds.